JAMB - Economics (2009 - No. 2)
A typical feature of a market economy is that
all producers make profit
full employment exists
consumer sovereignty exists
there is equality of economic agents
Explicaţie
A market economy is characterized by private ownership, freedom of choice, self-interest, buying and selling platforms, competition, and limited government intervention. There is consumer sovereignty in a market economy in a way that consumers decide what should be produced, while the forces of demand determine at what prices goods and services should be exchanged.